News Corp increases war chest to US$1bn

News Corporation (News Corp) has announced that it is upsizing its private offering to $US1 billion (A$1.307 billion) aggregate principal amount of Senior Notes.

News Corp said that it plans to use the net proceeds from the offering for “general corporate purposes, which may include acquisitions and working capital”.

The amount is an increase from the previously announced $US750 million (A$980 million), due in 2029, bearing an interest rate of 3.875% per annum. This will be payable semi-annually on 15 May and 15 November each year, commencing 15 November 2021. The notes will mature on 15 May 2029.